Oh, boy! I had one short sale approved in 20 days. That was just this July. I had another short sale just approved in August - and we submitted the package to the lien holder in February!!! Long story short, it depends on the lien holder, how many loans there are on the property, and how savvy the list agent doing the negotiations are. I recommend you choose an agent who has experience on both sides of a short sale (listing and buying) so that they know the right questions to ask, and how to spot a possible hiccup before you get your heart broken.
60-90 days is average (in my experience).
Short sales present some of the best deals in this market, so don't shy away - just get experience on your side!
You can call some of the Real Estate Offices in your area and ask specifically for agents who are dealing and selling mainly with short sales. I am currently involved in a number of them but you are too far from me. Short sales is a game of patience. The agent that you need will be someone who will communicate with you every step of the way.
In one sentence you say, "I will not buy another home" and in another you say, "I am going to buy a home by FHA loan." Please be more concise so we can help you.
Basically, if you can't afford the mortgage payment for more than 6 months, you should not purchase the home.... more
Yes. You are qualified for a particular payment of a specific dollar amount. If the interest rate goes up, your principal amount has to decrease in order to keep the payment the same. The only way to keep the payment the same amount if the interest rate increases is to put more money down so that the loan/borrowed amount is less.... more
By acting in good faith on a verbal lease agreement as well as receiving receipts for your payments you have established that you are honoring a tenancy agreement but limited to a month to month agreement as no paperwork exists to the contrary. Therefore, in the event of foreclosure on the homeowners you should be entitiled a 60 day eviction process once you are served with the eviction papers.
Diane Wheatley, Broker
(909) 981-5589... more
Who would you pay rent to? Has the home already been foreclosed? You need to determine who owns the house now and work that out with them. If the home has indeed already been foreclosed then the former owner does not have a stake in the house and I wouldn't think he would be able to collect rent on a home he doesn't own. Wish you the best! So sorry this has happened to you!... more
A short sale is when the proceeds of the sale fall short of the balanced owed. For example: A seller owes $350,000 to the bank while the current appraised value is only $300,000. A short sale usually takes place to prevent a foreclosure, but the decision to accept a short sale is left up to the sellers bank or mortgage lender. Every short sale is contingent on the sellers bank or mortgage lenders approval.... more
Have you signed anything agreeing to a lockbox being installed? Check your lease agreement.... there is a section in the standard California Association of Realtors lease agreement that, if checked, allows for a lockbox to be installed. If you have not signed anything technically they cannot force you to have a lockbox. Also, find out if your landlord/owner is in default. If he is not paying the mortgage but you are paying the rent then he is pocketing your rent. It may be grounds to break your lease.
One last thought... you may consider working this to your benefit. Negotiate a lower rent in exchange for accomodating a lockbox. Ofcourse, you would then have to pack away your valuables. But it could save you a significant amount of money for your inevitable move if they do sell.
I hope this helps... best of luck!